Reviewing a Strategic Plan by Understanding Strengths Weaknesses Opportunities Threats Measurements of Progress Feedback and Economic Growth
The strategy implementation process includes adjusting to survive, fulfilling and pursuing an organization’s mission, and rewarding and satisfying stakeholders (Moseley, 2018). The adjustments may be impacted by events such as economic growth and competitive advantages. Accordingly, I would ensure that the events in the business environment are utilized to ensure organizational performance by identifying and leveraging the opportunities presented by the events. For example, an event such as a competitive advantage creates the opportunity to expand the business’s customer base and create customer satisfaction for long-term business success. An event such as economic growth can be used to increase the business’s revenue and profit margins. For instance, economic growth increases disposable income enabling customers to afford various goods and services (Razzaq, 2015). A business can also use the growth in disposable income to adjust prices and set highly competitive prices, thus increasing profitability and revenue, which contribute towards good organizational performance. The business can also use revenue to invest in technology to increase organizational performance.
References
Moseley, G. B. (2018). Managing Health Care Business Strategy. Jones & Bartlett Learning.
Razzaq, A. (2015). Dynamic Relationship between Income and Consumption: A Time Series Analysis of Spain. Developing Country Studies, 5(1). https://doi.org/ISSN 2225-0565
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Reviewing a strategic plan by understanding strengths, weaknesses, opportunities, threats, measurements of progress, feedback, and economic growth is essential.
Reviewing a Strategic Plan by Understanding Strengths Weaknesses Opportunities Threats Measurements of Progress Feedback and Economic Growth
How would you ensure events, such as, but not limited to, competitive advantages and economic growth are utilized to ensure performance in the organization?
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